The Board of Governors of the Federal Reserve System held an open meeting to discuss a proposed rulemaking to introduce a quantitative liquidity requirement in the United States. (Photo by Mark Wilson/Getty Images) US unemployment data are notoriously noisy. They are maddeningly prone to huge revisions, and many in the market complain that the monthly ritual of waiting for the Bureau of Labor Statistics to speak is an overblown anachronism. All that said, sadly there is ample reason to take seriously the April number on non-farm payrolls , the biggest negative surprise compared with market expectations since December 2009. This in turn has profound implications for the question that has preoccupied markets for months now: when will the Federal Reserve finally start to raise […]